Part 2/10:
Thanks to negotiations with the Monetary Authority of Singapore (MAS), we received exclusive permission to visit the vault—under the strict condition of confidentiality and the use of GPS-enabled tracking devices to ensure security. This visit provided rare insight into what is truly stored in Singapore’s reserves.
The Role of Reserves in Economy Management
Most people associate national reserves with emergency funds meant for crises like COVID-19, but their purpose extends far beyond that. The MAS, Singapore’s central bank, is tasked with controlling inflation—not through interest rate adjustments like many other central banks, but primarily by managing the country's exchange rate.